§ 2879c. Tax exemption
§ 2879c. Tax exemption (a) The assets of the Vermont Higher Education Investment Plan held by the Corporation and the assets of any similar plan qualified under Section 529 of the Internal Revenue Code and any income from them shall be exempt from all taxation by the State or any of its political subdivisions. Income […]
§ 2879d. Property rights to assets in the Plan
§ 2879d. Property rights to assets in the Plan The assets of the Vermont Higher Education Investment Plan shall at all times be held in trust for the benefit of the participant, shall not be commingled with any other funds of the Corporation or the State, shall be preserved, invested, and expended solely and only […]
§ 2879e. Construction and application
§ 2879e. Construction and application This subchapter shall be construed liberally in order to effectuate its legislative intent. The purposes of this subchapter and all provisions of this subchapter with respect to powers granted shall be broadly interpreted to effectuate such intent and purposes and not as to any limitation of powers. This subchapter shall […]
§ 2879f. Annual reports
§ 2879f. Annual reports The Corporation shall review, on an annual basis, the financial status of the Program and the participation rate in the Program. The Corporation shall also review the continued viability of the Program and the administration of the Program by the Corporation. (Added 1997, No. 79 (Adj. Sess.), § 1, eff. July […]
§ 2879b. Effect of payments in computation and determination of financial aid need
§ 2879b. Effect of payments in computation and determination of financial aid need Amounts available for the payment of postsecondary education costs pursuant to the Investment Plan shall be considered family assets of the beneficiary in determining need and eligibility for student aid as determined by applicable law. (Added 1997, No. 79 (Adj. Sess.), § […]
§ 2877. Vermont Higher Education Investment Plan created
§ 2877. Vermont Higher Education Investment Plan created (a) There is created a program of the State to be known as the Vermont Higher Education Investment Plan and a trust for that purpose to be administered by the Vermont Student Assistance Corporation as an instrumentality of the State. The program may consist of one or […]
§ 2878. Participation agreements for Investment Plan
§ 2878. Participation agreements for Investment Plan The Corporation shall have the authority to enter into Investment Plan participation agreements with participants pursuant to the provisions of this subchapter, including the following terms and agreements: (1) A participation agreement shall stipulate the terms and conditions of the Investment Plan to which the participant makes contributions. […]
§ 2878a. Participation agreements for Investment Plan; Vermont Matched Savings Program
§ 2878a. Participation agreements for Investment Plan; Vermont Matched Savings Program The Corporation may participate in the Vermont Matched Savings Program established under 33 V.S.A. § 1123, in accordance with the rules of the Agency of Human Services adopted thereunder, in connection with an individual or family who, at the time of contributing funds into […]
§ 2879. Investment and payments
§ 2879. Investment and payments All money paid by a participant in connection with a participation agreement shall be credited to the participant’s account as received, held by the Corporation in trust for the benefit of the participant, and shall be promptly invested by the Corporation as selected by the participant from the investment options […]
§ 2879a. Cancellation of participation agreements
§ 2879a. Cancellation of participation agreements (a) Any participant may cancel a participation agreement at will, and any return of funds from the participant’s account shall be subject to terms and conditions established by the Corporation, provided that any penalties levied as a result comply with the provisions of the Internal Revenue Code or Title […]